GBP/USD Remains on Back Foot After Tuesday’s Sell-Off
GBP/USD is struggling to regain poise following Tuesday’s sell-off that saw the currency pair tumbled more than 100-pips.
Trades below 23.6% Fibo
Cable
is having a tough time moving back above 1.4165 (23.6% of
1.5230-1.3835) levels. An attempt in Asia quickly fell apart, although
losses are being capped around 1.4145 levels. The data docket in UK is
empty, hence trading may be erratic.
Later in the day, Fed speak
could influence overall demand for the US dollars. Next on tap would be
Fed march meeting minutes release. The spot currently trades around
1.4155 levels. Cable has lost 300 pips since last Wednesday.
GBP/USD Technical Levels
The
immediate hurdle is noted at 1.4165 (23.6% of 1.5230-1.3835), above
which the spot could target 1.42. A break higher would expose 1.4252
(50% of 1.4669-1.3835). On the other hand, a break below 1.4122
(previous day’s low) would expose 1.4079 (Jan 21 low) under which losses
could be extended to 1.4032 (23.6% of 1.4669-1.3835).
(Market News Provided by FXstreet)
